Much is said about saving for retirement and paring down expenses while retired to arrive at a workable budget planner during ones retirement years. But, not a whole lot is said about the other side of the coin when ites to making the numbers work for a budget: bringing IN more money. Sometimes you can only trim so many expenditures before you start to get into the thorny dilemma of deciding between cutting two much needed expenses, like car insurance or food to eat, and you wind up cutting expenses that really should remain a part of your budget.
So what do you do if you have cut out as many expenses as you possibly can from your retirement budget and your outflows still exceed your inflows in a proportion that is unsustainable for your financial security? Since you have done all you can do to decrease the number in your cash outflows column, its time to work on increasing the number in your cash inflows column!
Even if your retirement budget is in tip-top shape, that doesnt necessarily preclude you from wanting to earn more money as a retiree. Most of us will have spent nearly all of our lives working by the time we retire and it can be tough to not have at least a small task, part-time job, etc., to devote time to during retirement since many years of self-worth and fulfillment have been tied up with ones work.
All that aside and everything else being equal, more money is always better than less money though, right? More money to give to charity, more money to spoil grand kids with and more money for other things that are important in your life.
Here are five out of the box ways to earn more money as a retiree. Please do weigh in via thements below with any additional ideas that you may have.
1. Tutor
There are many people who enjoy teaching and are in fact great teachers, but have had a career in something other than teaching because they could make more money.
Have you always had an itch to teach? Do you want to earn some money during retirement while helping out someone younger and making a difference in their lives? Tutoring during your retirement years might be a great option for you to consider.
College students looking for tutoring jobs are a dime a dozen, but many tutoring services will place a great deal of value on someone with years of real world experience and knowledge under their belt. Maybe you had a 40 year career in management at a Fortune 500pany; many would love to have someone with your background tutoring business students.
2. Start a Business
Who says that entrepreneurs have to all be young, fresh-faced college dropouts in Silicon Valley? According to a study by the Kauffman Foundation, 55 to 64 year olds make up the age group with the highest rate of growth in entrepreneurial activity. You dont have to work insane hours trying toe up with the next Facebook, but with the reduced cost of starting a business online rather than renting out office space and setting up a physical storefront, the upside is that a large amount of startup capital is not a prerequisite.
3. Work with a Family Member
Do you want to help out a family member while spending time with them AND making some money to boot? Why not see if you have any family members that own their own businesses, work from home, etc., and would be grateful for your assistance. You may not necessarily be able to make as much money as you would doing the equivalent job somewhere else but the positive is that you will be able to spend quality time with a family member while pitching in and helping them build their business.
4. Get Physical
Just like there is a double benefit to working with a family member, there is also a double benefit to searching for a way to make money while doing something that requires physical activity: more money in your pocket while at the same time bing healthier!
See if you can teach a class at your local YMCA, gym or youth center. Maybe you love working with kids and sports; why not coach or ref a youth sports league? Sure, the pay wont take your breath away, but you will be out and about staying active and healthy (which might just take your breath away in a good way).
If you have fitness goals for yourself but are unsure of your physical exercise capacity, then start out slow. Try a home workout plan for a month or two, then progress to more physically demanding exercise as you gain strength. You might just find yourself running up and down the basketball court every Saturday with a bunch of 11 year olds refereeing their basketball games!
5. Get Involved
Since we are on a roll with finding ways to make money while retired that have more than just a financial benefit, why not consider working for a charity or religious organization that you feel strongly about? You might be able to make more money working somewhere else, but being able to personally help out with a cause that you believe in is a great way to invest your time during retirement.
What do YOU Think?
What other out of the box ways to make money during retirement can you think of?
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